Crypto-Friendly Guy Wins South Korean Presidential Election – ICX 70%

The South Korean project recorded an unusually high level of activity on Thursday, following Yoon Suk-yeol’s election as president.

South Korean Presidential

Tokens from the famous South Korean project Icon surged by as high as 70% in the last 24 hours following an election by Yoon Suk-yeol to be the country’s president.

This project’s ICX token went from an initial lowest at $0.61 on Wednesday to a high of $1.04 on Thursday’s morning, before retracing a portion of the gains. It’s still 92% below the previous record high of $13.

Price charts suggest that the token could fall to a level of support at $0.70 in the event that the current buying pressure isn’t long-lasting.

ICX surged to over $1 on Thursday morning. (TradingView)

ICX is a well-known project whose protocol permits distinct blockchains to exchange data between them. It was among the most successful projects during the initial coin offerings craze of 2017 , before falling out of its popularity with investors over the following years.

South Korean exchange UpBit continues to witness tens of millions worth ICX traded each day, data show. On Wednesday, however, there was more than $410 million of volume on the ICX/Korean Won trade pair. UpBit recorded trade volumes of more than $4 billion which is more than double the $1.8 billion it traded on Sunday.

Other projects that have Korean connection also experienced similar price rises. Terra, a Singapore-based company Terra was founded with its roots in South Korea, saw prices of its LUNA tokens hit a record maximum of $103 within the late Asian hours.

The gains of LUNA were also fueled by the strong demand for the sister token, the terraUSD (UST) that is an algorithmic stablecoin tied against the U.S. dollar according to noted in.

Yoon was an ex-top prosecutor who had promised to loosen the rules of the cryptocurrency sector. He and his rival Lee Jae-myung, a member of the ruling Liberal Party, announced crypto-friendly measures to appeal to younger voters according to the media reported.

Yoon has announced that she will raise the threshold of the capital gains tax of 20% on profits made from cryptocurrency up to KRW 52.4 million (US$42,450). This is more than the threshold currently set at KRW 2.5 million mark, which is scheduled to be implemented in 2023. The president also said he would “take legal measures to confiscate crypto profits gained through illegitimate means and return them to the victims.”

The government currently under the leadership of President Moon Jae-in taken a hard line against cryptocurrency within South Korea, which became one of the most important marketplaces for crypto, with an increasingly tech-savvy, young population. Regulative restrictions led to about 70 Korean exchanges close in the last year, leaving just few operating as of Thursday.

Analysts say similar price volatility is to be expected as nations begin to warm up to the business.

“This week has been, what many consider, a positive turning point for the crypto and digital assets industry,” said James Wo, founder of the crypto fund DFG in an Telegram message. “With [two] global leaders such as the U.S. and South Korea signaling the intent to work on analyzing and educating themselves to embrace a technological advancement that has grown to have close to $2 trillion in market cap with slim to none guardrails, the market is reacting with high expectations.”

“We could see important upside volatility as major jurisdictions adopt similar positions,” Wo declared.

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